BlackRock, the world’s biggest fund management company based in New York, has become the third-largest shareholder of South Korean tech giant Samsung Electronics, according to the industry Friday.

The US fund operator reported in a regulatory filing that it had purchased an additional 0.04 percent stake or 2,108,161 shares, in Samsung on Jan. 28, raising its ownership from 4.99 percent to 5.03 percent, worth around 14 trillion won ($12 billion).

With the purchase, BlackRock has become the third-largest shareholder of the Korean tech behemoth, after the state-run National Pension Service with 9.25 percent and Samsung Life Insurance with 8.24 percent.

(BlackRock Homepage)

Its expansion of ownership of Samsung shares follows a similar move last year, when the US investment mogul disclosed its 5.08 percent stake in SK hynix.

Under the Korean law, it is mandatory to disclose any purchase of 5 percent stake or more in a listed company, including the purpose of the purchase.

BlackRock said the purchase was simply for investment purposes and it will not take any action to exert any influence on the management of the electronics business.

As of 2:32 p.m. Friday, Samsung Electronics shares were traded at 45,000 won, down 2.6 percent from Thursday’s closing price.

“Considering BlackRock’s investment strategy, which usually goes long in investments, its latest purchase seems due to the price levels of the blue-chip stock,” a market analyst said.

Including BlackRock, foreign investors owned a total of 56.7 percent of Samsung Electronics shares as of Thursday.